Retail Traders Not Convinced of GBP/USD Turn
GBPUSD - The ratio of long to short positions in the GBPUSD stands at 1.25 as 56% of traders are long. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the GBPUSD may continue lower. The trading crowd has grown less net-long from yesterday but further long since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.
--- Written by Christopher Vecchio, Currency Strategist
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